market folly

Last week we penned an update covering David Einhorn's Greenlight Capital letter. Additionally, we posted an update regarding Bill Ackman's portfolio as per the changes detailed in Pershing Square's latest investor letter. What's interesting is that in the letter, Bill says that they assume everything they say/write will become public knowledge and they treat it as such. So, he knows every investor letter and tidbit will spread into public sight, which forces him to be less specific than he might otherwise be when referring to positions or situations.

Below is the letter. Note that pages 2 and 3 are skewed sideways so you'll have to tilt your head unfortunately. The whole document is still readable though (9 pages in total). RSS & Email readers will have to come to the blog to view it. Those of you wishing to download the .pdf to print it off can hopefully still do so by clicking here (please let us know when/if this link stops working).

Pershing Square Q2 Letter